Spot Bitcoin ETFs saw net outflows of $165.8 million on February 19, marking a third consecutive day of redemptions and extending a five-week streak that has totaled just under $4 billion. Despite the sustained ETF selling pressure, Bitcoin’s price rose 1.4% to approximately $67,800, and prediction market Myriad assigned a 44% chance of a rally to $84,000. Analysts are divided, with one describing the outflows as a “controlled reset” while another cautioned that selling pressure could persist without a bullish momentum shift.
Spot Bitcoin exchange-traded funds recorded another day of net outflows on February 19, extending a streak of withdrawals to three consecutive days. According to SoSoValue data, the products saw $165.8 million leave on that date.
Total outflows over the past five weeks now amount to just under $4 billion. This follows consistent weekly outflows since mid-January, including two weeks each exceeding $1.3 billion.
Bitcoin’s price has bucked the bearish ETF trend, rising 1.4% to around $67,800. Major altcoins including Hyperliquid, Avalanche and Sui also saw gains of approximately 4%.
The price rebound has improved market sentiment among some traders. On prediction market Myriad, users now assign a 44% chance of Bitcoin rallying to $84,000.
Brickken analyst Enmanuel Cardozo framed the outflows as a market recalibration. “After a strong 2025, it’s natural to see leveraged funds and short-term allocators reduce exposure, especially in the current macro environment, which is still uncertain and thus volatile,” he stated.
Cardozo noted this does not resemble institutional capitulation, highlighting that cumulative net inflows since the ETFs’ launch remain positive. He expects outflows to rebalance as leverage drops, leading to price stabilization.
CEX.IO lead analyst Illia Otychenko offered a more cautious perspective. He pointed to Bitcoin struggling under both its store-of-value narrative, due to a gold rally, and its speculative narrative, due to capital flowing to AI-driven equities.
Otychenko stated that ETF outflows have largely mirrored Bitcoin’s price action rather than caused it, acting as an amplifier of broader market weakness. “Unless Bitcoin shows a confident shift from bearish to bullish momentum, ETF outflows could continue in the near term,” he concluded.
